Kraken Eyes Nuclear Power for Data Centers as DeFi Boom Looms

Recent Bitcoin investors are exiting the market as prices stagnate. This trend is evident in the latest downturn. Novice investors are not familiar with market traditions and sentiments, so they are selling the dip instead of buying it. On-chain data shows significant selling from investors who entered the market this year, now, as the price fell to $55,000 on Friday, they panic and succumb to the wish to exit. CryptoQuant analyst Cauê Oliveira reported major network activity. "$2.4 billion worth of Bitcoin aged between three and six months moved during the drop," he wrote. This data supports a theory among analysts. Recently acquired coins are more likely to move during price fluctuations. Oliveira explained these sellers' behavior. "They can be classified as 'long-term' holders, but are possibly behaving like short-term investors." Many buyers likely entered during the Bitcoin spot ETF launch in January. These funds saw $13 billion in net inflows initially. ETF performance and Bitcoin prices have since plateaued. This has led to investor disappointment. Especially if we are talking of rookie investors, not familiar with previous Bitcoin market cycles, bull runs and candles. Longer-term holders show more resilience. Oliveira noted that entities "older than one year" haven't shown heavy selling. LookIntoBitcoin data provides context. The short-term holder realized price is $64,614, 10% above the current market price. This figure represents the average purchase price for recent entrants. It may indicate a threshold for panic selling among new Bitcoin investors.

A new study reveals the global Decentralized Finance (DeFi) market is set to reach $48.02 billion by 2031. This represents significant growth from the current $22 billion. And implies the number of people who actually use DeFi products is going to grow by millions. The market is projected to expand at 9% annualy from 2024 to 2031, not so many markets out there can boast such an impressive growth, especially in financial sector which is quite conservative and unwelcoming to novice users. SkyQuest's analysis highlights key drivers of this growth. As you could guess, DeFi eliminates traditional financial intermediaries. That reduces costs associated with banking services, thus making those much more attractive to ordinary users, even those who do not posses any advanced financial skills. The DeFi technology offers improved accessibility and ease of use for everyone, that's cool finance for dummies, to put it simply. The rise of eSports and gaming is boosting DeFi adoption. Developers increasingly use DeFi tokens for in-app purchases. Just take a look at Augur, a DeFi betting platform, that exemplifies this trend. Blockchain technology dominated the market in 2022. It accounted for over 41% of global revenues. Blockchain enables decentralized, borderless, and transparent transactions. Smart contracts are poised for significant growth. They form the foundation of DeFi protocols. Smart contracts can act as programmable assets with specific rules. They accelerate services like investment, credit, and insurance. Data analytics led the application segment in 2022. It represented 18% of global revenue. DeFi protocols offer advantages in decision-making and risk management. The payments segment is expected to grow rapidly, too. Peer-to-peer payments are a crucial use case for DeFi. Users can exchange cryptocurrencies securely without intermediaries, you don't need a bank anymore to execute your financial orders. DeFi is reshaping traditional finance. It leverages blockchain technology to offer innovative solutions. The market's growth is driven by cryptocurrency adoption and blockchain proliferation. DeFi applications are democratizing financial services. Users can borrow, lend, and trade without traditional intermediaries. Decentralized exchanges and yield farming programs are gaining traction.

Finance analyst Jacob King warns of potential Bitcoin price pressure. He predicts most Mt. Gox creditors will sell their repaid Bitcoin. King estimates $8.2 billion in additional selling pressure. On-chain movements suggest creditors have already begun selling. "No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex-clients are going to be sold off," King stated on July 4. Mt. Gox announced the commencement of Bitcoin and Bitcoin Cash repayments on July 5. This news raises concerns about Bitcoin's price stability. Bitcoin has struggled recently. It traded above $60,000 but fell 18% in Q2 2024. King predicts further decline. "I understand this is controversial, but based on the current low demand volume, this will easily send BTC back into a harsh bear market," he said. Bitcoin's price dropped 3.9% to $55,250 in 24 hours as of 10:17 am UTC on July 5. It's down over 10% week-on-week. Despite market concerns, the repayments are positive for creditors. Mark Karpelès, former Mt. Gox CEO, expressed relief on social media. "Mt. Gox customers have finally started receiving Bitcoins! After over 10 years I wasn't sure anymore if it'd finally happen, but here we are finally!!" Karpelès wrote. Approximately 127,000 Mt. Gox creditors are owed $9.4 billion. Bitcoin's 8,500% price increase over the past decade may incentivize profit-taking. King expects 99% of creditors to sell. "Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks. There is no way to spin this to be bullish," he concluded.

New Zealand's tax authorities have identified over 200,000 citizens who failed to declare cryptocurrency income. They are in trouble now. The Inland Revenue Department (IRD) is reminding investors that virtual assets are taxable. It plans to intensify efforts to track non-disclosure of digital asset earnings. The IRD is targeting taxpayers actively dealing in cryptocurrencies without reporting income. Just to remind you, in 2020, New Zealand updated its guidelines on digital assets, and cryptocurrencies are now treated as property for tax purposes. If you make profit with your crypto investments, the state would like to get its share. The new rules make digital assets and mining income taxable under specific conditions. The IRD has identified 227,000 unique crypto users in New Zealand. These users conducted over 7 million transactions, according to the latest reports. The total value of these transactions is estimated at NZD 7.8 billion (approximately $4.77 billion). Detailed analysis of this data has helped the IRD identify non-compliant taxpayers and those with significant holdings, and of course, those who are profitting and not sharing with the authorities for whatever reason, intentionally or not. Trevor Jeffries, an IRD spokesperson, commented on the situation. "Cryptoasset values have reached new highs," he said. "Now is a good time for people to think seriously about tax on their cryptoasset activity." Jeffries urged investors to consider their tax obligations. He emphasized the risks of not declaring all taxable activities. The IRD has provided extensive guidance on crypto taxes. Last year, the department notified high-risk customers. It allowed them to address non-compliance issues before facing an audit. The IRD has now sent a new round of letters to non-compliant crypto investors. Jeffries stated that the IRD is intensifying its compliance activities. "We have the tools and analytics capabilities to identify and expose cryptoasset activities," he warned. The IRD is collaborating with domestic and overseas exchanges to gather information about crypto investors. It is also working with other tax jurisdictions to obtain data on transactions outside New Zealand. Simply put, the authorities want to know more about cryptolife of the new zealanders online. New Zealand's crypto regulations remain largely undeveloped. However, Commerce Minister Andrew Bayly suggests a more proactive approach.

Hamilton, a real-world asset (RWA) tokenization startup, has tokenized US Treasury bills on Bitcoin Layer 2 solutions. This move aims to connect traditional finance with the Bitcoin ecosystem. The company launched its tokenized Treasury bills on July 4, 2024. Yes, right on the Independence Day, which was probably not a coincidence, but who knows. The new tokens, called Hamilton U.S. T-Bills (HUST), are available on three platforms: Stacks, Core, and BoB. These are all Bitcoin Layer 2 solutions. Hamilton will soon offer HUST on its own platform as well. The RWA market is growing rapidly. Boston Consulting Group projects that creating digital tokens for tangible assets on blockchain platforms will reach $16 trillion by 2030. Tokenized assets offer several benefits. They can be easily exchanged and used in DeFi protocols. They also improve interoperability between traditional and digital assets. A kind of a bridge between the worlds. Brendon Sedo, an initial contributor to Core DAO, commented on the development. "Tokenizing US Treasury bills on the Core Chain contributes to the convergence of traditional monetary systems with Web3," he said. Alexei Zamyatin, Co-founder of BoB, highlighted the potential of this move, he stated that tokenizing US Treasury bills on BoB combines the strengths of Bitcoin and Ethereum networks. Hamilton's CEO and Co-founder, known as Kasstawi, called the move historic. "Blending US Treasury bills with Bitcoin's secure and open source nature is a step towards freedom from financial oppression," he said. This development represents a significant step in the RWA tokenization space. It bridges the gap between traditional finance and the cryptocurrency world. RWA tokenization is a growing trend in the blockchain industry. It involves creating digital representations of real-world assets on a blockchain. Examples include tokenized real estate, commodities, and now, government securities. This process can increase liquidity and accessibility for traditionally illiquid assets.

Speculation about cryptocurrency integration in Grand Theft Auto 6 continues to circulate. These rumors have been ongoing for over a year. Now we've got yet another confirmation. Or have we? A recent tweet reignited the discussion. A Twitter influencer known as Gordon claimed Bitcoin support was "confirmed" in GTA 6. The post quickly gained traction, unsurprisingly. Gordon's tweet stated, "GTA 6 will enable cryptocurrency payments." It specifically mentioned Bitcoin, Ethereum, and USDT. The post included a fabricated game trailer. Despite the viral nature of the tweet, no official confirmation exists. Rockstar Games and Take-Two have made no announcements regarding cryptocurrency in GTA 6. The official trailers and statements contain no mention of crypto inclusion. Previous rumors from May 2023 remain unsubstantiated. The first official GTA 6 trailer, released in December, sparked further speculation. A leaked version featured a "BUY BTC" stamp, likely added by the leaker. The game's planned 2025 release leaves room for potential crypto integration. Such a move could significantly impact cryptocurrency adoption in mainstream gaming, many analysts think, as the game is immensely popular among children and youth. However, all claims of confirmed cryptocurrency features in GTA 6 remain unverified. Official announcements from Rockstar Games or Take-Two are still pending. And it's no wonder, as these guys are never quick to respond. And, honestly, never feel obliged to comment any rumors.

Javon Marks, a well established crypto analyst, maintains a bullish outlook on XRP despite its lackluster performance since the start of the year. Marks forecasts a significant rally for the token. If to assume he is not wrong, this might be the very 'buy the dip' story every investor is dreaming about. Marks suggests XRP could reach $15 to $20 following a breakout from a symmetrical triangle. He termed these targets "conservative." Marks claimed historical data indicates a potential 39,000% price gain for XRP, reaching $200. He noted the token has achieved such gains before. The analyst pointed to technical indicators supporting his bullish view. He cited a confirmed Hidden Bullish Divergence and high volume as signs of an impending rally. Marks identified a symmetrical triangle with descending volume on XRP's chart. He suggested this could be a "coil pattern," potentially continuing the previous uptrend. The prior uptrend resulted in a 110,000% price move for XRP. Marks believes a continuation "could be extreme." The analyst also highlighted the RSI (Momentum Oscillator) and a trend line showing Lower Lows. He noted the hidden bullish divergence was confirmed while the RSI set Lower Lows and prices formed higher lows. Marks suggested this could lead to a reversal to the $1.44 level. And would signal for a continuation of the previous uptrend. Another analyst, Mikybull Crypto, drew parallels to XRP's 2017 rally. In that year, the token saw a 61,000% price move in 280 days. Mikybull Crypto predicts XRP could surpass $4 if a similar move occurs. He attributes this potential to the current bleak sentiment around XRP.

Pepe Unchained (PEPU) is developing a Layer-2 blockchain for meme coins. The project has raised over $2 million in its presale. PEPU aims to build on Ethereum. It promises faster transactions and lower fees. The team targets speeds 100 times faster than Ethereum. Two firms have audited PEPU's smart contracts. This shows a focus on security. The presale has attracted significant interest. It raised $2 million in 18 days, averaging $111,000 daily. Investors can buy PEPU tokens at $0.008226 each. A $1,000 investment yields 121,563 tokens. The presale has a limited window. Developers plan to list PEPU on exchanges after it ends. Ten percent of tokens are allocated for exchange liquidity. This should help with price stability. PEPU offers a "double staking" protocol. Early investors could see yields of 910% annually. Over 175 million PEPU tokens have been staked. This should be enough to indicate investor confidence in this meme coin. But the project is also gaining traction on social media. It has 4,700 Twitter followers and 2,600 Telegram members. Not so much, compared to some of the industry leaders, but impressive enough for a novice token. CoinSniper.net ranks PEPU as their number two project. YouTube influencer Austin Hilton called it "very cool". Layer-2 solutions are currently popular. The BLAST token recently reached a $489 million market cap. Pepe Unchained could capitalize on demand for scaling solutions. Its success will depend on balancing technical innovation with meme appeal.